Petro One Energy (TSX.V-POP) has 49 million shares outstanding, 13 oil and gas leases in the south-eastern Saskatchewan, southwestern Manitoba area that has 214K in P+P reserves. Petro One announced a new oil pool on their J5 property and has since announced that they plan to start with 6 wells stepping out from the discovery well to grow reserves and build production. Once those 6 wells are completed, Petro One will still have 11 strong targets remaining to be drilled on half of J5 lands where seismic has been shot to date. All six new locations are believed to have as much potential or stronger potential than the discovery well. The discovery well is now flowing and in full production on its own pressure, with excellent 48-hour production of 50 to 60 boe per day without the need for stimulation or pump.
